Early Repayment Charge HELP!

Sarahanita7

I can't seem to find the answer I am looking for!

I was wondering how the ERC works, as in can you put it onto you new mortgage or do you have to pay it out of your own money? I have seen people getting their's refunded how do you do that if you still can? And how do I know if it is going to be a good idea, I know the interest rate has come down quite a bit compared to our mortgage rate ATM

Thanks for you help in advance!!

S :rotfl:

ACG

If your income supports it and there is enough equity in the property you can addit to the current balance and roll it up in a new mortgage.

You can not get it refunded, there is the odd exception where a lender will do it in certain circumstances but wanting to switch products mid mortgage is not going to happen.

You can find out what it would be by caling the lender or checking your Mortgage offer/KFI from when you took out the mortgage.